Baring PE sells its entire stake in Coforge
Baring PE sold its entire stake in IT services company Coforge through block deals on Thursday for ₹7,684 crore, according to exchange data. Through its affiliate Hulst BV, Baring PE held a 26.63% stake in the company as of June 30, 2023.
Now, the company is 100% owned by public investors.
According to BSE bulk deals data, Baring PE sold 16.3 million shares at ₹4,722 apiece. Some of the buyers include Aditya Birla Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, SBI Mutual Fund, Morgan Stanley Asia and Societe Generale.
Coforge, which gained 27% in the last three months, rallied 9.78% on Thursday to close at ₹5,391.
«Thursday's Coforge — Baring deal at one tranche at an ease with quality buyers is a testimony that India has now become a global destination for large investments,» said Vasudev Jagannath, head of institutional equities at IIFL, the only banker for the deal.
The private equity firm has been offloading stake in tranches in Coforge, the erstwhile NIIT Technologies, over the past 2-3 years.
In May, Baring PE sold 3.5% in Coforge through the open market for ₹887 crore.
